Paying cash. What other fees are associated?

Question

hey guys,

Am buying this 3br with a six year tenant occupant with cash for $34000 and renting for 600 a month. Has lots of upgrades and no near future maintenance such as roof. I wanted to know if first it's a good, I think it is but what do you experts think. But also what other fees should I be expecting to paying beyond the $34000.

Thank you.

Nana K. · Answer

thank you @Brett Russell . I really am grateful for taking time to advice sir.

Brett Russell · Answer

@Nana K. , I'd say it sounds like a good deal.  You don't provide a lot of information so we can only look at the rent:purchase price ratio.  You have a pretty good ratio, much higher than many people could ever find in their markets.  It also depends on your goals...if you want to hold forever for cashflow, lower income areas typically do better, but if you are hoping for appreciation, you may be disappointed.

I purchased a property with slightly better numbers earlier this year ($750 rent for $30.5K purchase) and my goal is cashflow, so with that in mind, I would look favorably on your deal.  Just watch out for high taxes, maintenance, vacancy that could really eat into that cashflow.

P.S. To use the @mention feature properly, you have to start typing the person's name after the @ symbol and then wait a second and a popup will show up under the text box and then you click on the person you are trying to mention.  Otherwise, they will never be notified you tried to tag them.

Nana K. · Answer

thank you @Nate and @chris but do you guys think it's a good deal?

Jimmy S. · Answer

title charges, recording fees and other minor notary fees.

Chris Martin · Answer